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2015 (3) TMI 496 - HC - Income TaxDisallowance u/s 14A - whether Tribunal could have reduced the quantum of disallowance without recording satisfaction in terms of Section 14A? - whether Rule 8D was prospective or retrospective? - Held that:- A perusal of the impugned order reveals that after holding that Rule 8D of the Rules is prospective in operation, the Tribunal abruptly or should we say arbitrarily proceeded to reduce the quantum of disallowance recorded by the Assessing Officer. Answer the question of law in favour of the revenue, allow the appeal to the limited extent of error in determining the quantum of disallowance and remit the matter to the Assessing Officer for determining the quantum of disallowance, after granting an adequate opportunity to the Assessee to put forth his pleas regarding the quantum of disallowance. - Decided in favour of revenue.
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